[X]
|
Quarterly
Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of
1934
|
[ ]
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
United States
|
74-3164710
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
Number)
|
|
45 South Main Street, Fairport, New
York
|
14450
|
|
(Address
of Principal Executive Offices)
|
Zip
Code
|
N/A
|
(Former
name or former address, if changed since last
report)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company x
|
(Do
not check if smaller reporting company)
|
Page
|
||
Part
I. Financial Information
|
||
Item
1.
|
Consolidated
Financial Statements (unaudited)
|
|
Consolidated
Balance Sheets as of June 30, 2010 and December 31, 2009
|
1
|
|
Consolidated
Statements of Income for the Three Months Ended June 30, 2010 and
2009
|
2
|
|
Consolidated
Statements of Income for the Six Months Ended June 30, 2010 and
2009
|
3
|
|
Consolidated
Statements of Stockholders’ Equity for the Six Months Ended June 30, 2010
and 2009
|
4
|
|
Consolidated
Statements of Cash Flows for the Six Months Ended June 30, 2010 and
2009
|
5
|
|
Notes
to Consolidated Financial Statements
|
7
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
18
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
30
|
Item
4T.
|
Controls
and Procedures
|
30
|
Part
II. Other Information
|
||
Item
1.
|
Legal
Proceedings
|
30
|
Item
1A.
|
Risk
Factors
|
30
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
32
|
Item
3.
|
Defaults
upon Senior Securities
|
32
|
Item
4.
|
[Removed
and Reserved]
|
32
|
Item
5.
|
Other
Information
|
32
|
Item
6.
|
Exhibits
|
32
|
Signature
Page
|
33
|
Assets
|
June
30,
2010
|
December
31, 2009
|
||||||
Cash
and due from banks
|
$ | 13,003 | $ | 3,385 | ||||
Interest-earning
demand deposits
|
2,350 | 2,580 | ||||||
Cash
and Cash Equivalents
|
15,353 | 5,965 | ||||||
Securities
available for sale
|
70,791 | 75,483 | ||||||
Securities
held to maturity (fair value 2010 $5,287; 2009 $6,183)
|
5,130 | 6,098 | ||||||
Investment
in FHLB stock
|
1,666 | 1,886 | ||||||
Loans
held for sale
|
3,360 | - | ||||||
Loans
receivable, net of allowance for loan losses (2010 $374;
2009 $368)
|
115,705 | 116,372 | ||||||
Bank
owned life insurance
|
3,078 | 3,013 | ||||||
Accrued
interest receivable
|
963 | 1,156 | ||||||
Premises
and equipment, net
|
2,510 | 2,556 | ||||||
Foreclosed
real estate
|
- | 79 | ||||||
Prepaid
FDIC premium
|
685 | 793 | ||||||
Other
assets
|
781 | 999 | ||||||
Total
Assets
|
$ | 220,022 | $ | 214,400 | ||||
Liabilities
& Stockholders’ Equity
|
||||||||
Deposits:
|
||||||||
Non-interest-bearing
|
$ | 4,333 | $ | 3,955 | ||||
Interest-bearing
|
160,429 | 152,555 | ||||||
Total
Deposits
|
164,762 | 156,510 | ||||||
Borrowings
|
30,674 | 34,590 | ||||||
Advances
from borrowers for taxes and insurance
|
2,348 | 2,012 | ||||||
Official
bank checks
|
810 | 432 | ||||||
Other
liabilities
|
644 | 506 | ||||||
Total
Liabilities
|
199,238 | 194,050 | ||||||
Stockholders’
Equity
|
||||||||
Preferred
Stock- no par value- 1,000,000 shares authorized;
|
||||||||
no
shares issued and outstanding
|
- | - | ||||||
Common
Stock- $0.10 par value – 10,000,000 shares authorized;
|
||||||||
1,785,000
shares issued and outstanding
|
179 | 179 | ||||||
Additional
paid-in-capital
|
7,273 | 7,275 | ||||||
Retained
earnings
|
13,385 | 13,317 | ||||||
Accumulated
other comprehensive income
|
524 | 174 | ||||||
Unearned
ESOP shares – at cost
|
(577 | ) | (595 | ) | ||||
Total Stockholders’
Equity
|
20,784 | 20,350 | ||||||
Total Liabilities and
Stockholders’ Equity
|
$ | 220,022 | $ | 214,400 | ||||
See
accompanying notes to consolidated financial statements
|
2010
|
2009
|
|||||||
Interest
and Dividend Income
|
||||||||
Loans
|
$ | 1,602 | $ | 1,757 | ||||
Securities
|
392 | 301 | ||||||
Mortgage-backed
securities
|
199 | 299 | ||||||
Other
|
3 | 2 | ||||||
Total Interest and Dividend
Income
|
2,196 | 2,359 | ||||||
Interest
expense
|
||||||||
Deposits
|
653 | 863 | ||||||
Borrowings
|
326 | 406 | ||||||
Total Interest
Expense
|
979 | 1,269 | ||||||
Net Interest
Income
|
1,217 | 1,090 | ||||||
Provision
for Loan Losses
|
3 | 8 | ||||||
Net Interest Income After
Provision
|
||||||||
for Loan
Losses
|
1,214 | 1,082 | ||||||
Other
Income
|
||||||||
Service
fees
|
60 | 66 | ||||||
Fee
income
|
20 | 17 | ||||||
Realized
gain on sale of securities
|
- | 92 | ||||||
Realized
loss on sale of foreclosed real estate
|
(5 | ) | - | |||||
Increase
in cash surrender value of bank owned life insurance
|
32 | - | ||||||
Realized
gain on sale of loans
|
69 | 16 | ||||||
Other
|
86 | 58 | ||||||
Total Other
Income
|
262 | 249 | ||||||
Other
Expense
|
||||||||
Salaries
and employee benefits
|
727 | 556 | ||||||
Occupancy
expense
|
149 | 124 | ||||||
Data
processing costs
|
26 | 24 | ||||||
Advertising
|
53 | 52 | ||||||
Equipment
expense
|
104 | 87 | ||||||
Electronic
banking
|
21 | 19 | ||||||
Directors’
fees
|
28 | 29 | ||||||
Mortgage
fees and taxes
|
87 | 72 | ||||||
FDIC
premium expense
|
59 | 159 | ||||||
Other
expense
|
180 | 169 | ||||||
Total Other
Expenses
|
1,434 | 1,291 | ||||||
Income Before Income
Taxes
|
42 | 40 | ||||||
Provision for Income
Taxes
|
7 | 13 | ||||||
Net
Income
|
$ | 35 | $ | 27 | ||||
Earnings per common
share
|
$ | 0.02 | $ | 0.02 | ||||
See
accompanying notes to consolidated financial statements
|
2010
|
2009
|
|||||||
Interest
and Dividend Income
|
||||||||
Loans
|
$ | 3,195 | $ | 3,664 | ||||
Securities
|
839 | 568 | ||||||
Mortgage-backed
securities
|
416 | 625 | ||||||
Other
|
5 | 3 | ||||||
Total Interest and Dividend
Income
|
4,455 | 4,860 | ||||||
Interest
expense
|
||||||||
Deposits
|
1,388 | 1,742 | ||||||
Borrowings:
|
||||||||
Short-term
|
- | 1 | ||||||
Long-term
|
680 | 830 | ||||||
Total Interest
Expense
|
2,068 | 2,573 | ||||||
Net Interest
Income
|
2,387 | 2,287 | ||||||
Provision
for Loan Losses
|
6 | 14 | ||||||
Net Interest Income After
Provision
|
||||||||
for Loan
Losses
|
2,381 | 2,273 | ||||||
Other
Income
|
||||||||
Service
fees
|
117 | 115 | ||||||
Fee
income
|
26 | 28 | ||||||
Realized
gain (loss) on sale of securities
|
(8 | ) | 92 | |||||
Realized
loss on sale of foreclosed real estate
|
(5 | ) | - | |||||
Increase
in cash surrender value of bank owned life insurance
|
65 | - | ||||||
Realized
gain on sale of loans
|
83 | 45 | ||||||
Other
|
143 | 103 | ||||||
Total Other
Income
|
421 | 383 | ||||||
Other
Expense
|
||||||||
Salaries
and employee benefits
|
1,414 | 1,249 | ||||||
Occupancy
expense
|
299 | 249 | ||||||
Data
processing costs
|
43 | 47 | ||||||
Advertising
|
94 | 84 | ||||||
Equipment
expense
|
207 | 177 | ||||||
Electronic
banking
|
37 | 39 | ||||||
Directors’
fees
|
55 | 57 | ||||||
Mortgage
fees and taxes
|
117 | 116 | ||||||
FDIC
premium expense
|
116 | 181 | ||||||
Other
expense
|
355 | 338 | ||||||
Total Other
Expenses
|
2,737 | 2,537 | ||||||
Income Before Income
Taxes
|
65 | 119 | ||||||
Provision (Benefit) for Income
Taxes
|
(3 | ) | 41 | |||||
Net
Income
|
$ | 68 | $ | 78 | ||||
Earnings per common
share
|
$ | 0.04 | $ | 0.05 | ||||
See
accompanying notes to consolidated financial statements
|
Common
Stock
|
Additional
Paid
in
Capital
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Unearned
ESOP
Shares
|
Total
|
|||||||||||||||||||
Balance
– January 1, 2009
|
$ | 179 | $ | 7,286 | $ | 13,249 | $ | (43 | ) | $ | (630 | ) | $ | 20,041 | ||||||||||
Comprehensive
loss
|
||||||||||||||||||||||||
Net
income
|
- | - | 78 | - | - | 78 | ||||||||||||||||||
Change
in net unrealized
|
||||||||||||||||||||||||
loss on securities available for sale, net
of reclassification adjustment and taxes |
- | - | - | (163 | ) | - | (163 | ) | ||||||||||||||||
Total
Comprehensive Loss
|
(85 | ) | ||||||||||||||||||||||
ESOP
shares committed to be
|
||||||||||||||||||||||||
released
|
- | (8 | ) | - | - | 18 | 10 | |||||||||||||||||
Balance
– June 30, 2009
|
$ | 179 | $ | 7,278 | $ | 13,327 | $ | (206 | ) | $ | (612 | ) | $ | 19,966 | ||||||||||
Balance
– January 1, 2010
|
$ | 179 | $ | 7,275 | $ | 13,317 | $ | 174 | $ | (595 | ) | $ | 20,350 | |||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
- | - | 68 | - | - | 68 | ||||||||||||||||||
Change
in net unrealized gain
|
||||||||||||||||||||||||
on securities available for sale, net of reclassification
adjustment and taxes
|
- | - | - | 350 | - | 350 | ||||||||||||||||||
Total
Comprehensive Income
|
418 | |||||||||||||||||||||||
ESOP
shares committed to be
|
||||||||||||||||||||||||
released
|
- | (2 | ) | - | - | 18 | 16 | |||||||||||||||||
Balance
– June 30, 2010
|
$ | 179 | $ | 7,273 | $ | 13,385 | $ | 524 | $ | (577 | ) | $ | 20,784 | |||||||||||
2010
|
2009
|
|||||||
Cash
Flows From Operating Activities
|
||||||||
Net
income
|
$ | 68 | $ | 78 | ||||
Adjustments
to reconcile net income to net cash used by operating
activities:
|
||||||||
Net amortization of premiums and
discounts on investments
|
515 | 285 | ||||||
Gain
on sale of securities available for sale
|
(2 | ) | (92 | ) | ||||
Loss
on sale of securities held to maturity
|
10 | - | ||||||
Gain
on sale of loans
|
(83 | ) | (45 | ) | ||||
Proceeds
from loans sold
|
3,729 | 11,101 | ||||||
Loans
originated for sale
|
(7,006 | ) | (11,056 | ) | ||||
Amortization
of net deferred loan origination costs
|
16 | 11 | ||||||
Depreciation
and amortization
|
156 | 135 | ||||||
Provision
for loan losses
|
6 | 14 | ||||||
Expense
related to ESOP
|
16 | 10 | ||||||
Deferred
income tax benefit
|
(28 | ) | (139 | ) | ||||
Earnings
on investment in bank owned life insurance
|
(65 | ) | - | |||||
Decrease
in accrued interest receivable
|
193 | 63 | ||||||
Decrease
(increase) in prepaid FDIC premium and other assets
|
326 | (442 | ) | |||||
Decrease
in other liabilities
|
(14 | ) | (3 | ) | ||||
Loss
on sale of foreclosed real estate
|
5 | - | ||||||
Net
Cash Used By Operating Activities
|
(2,158 | ) | (80 | ) | ||||
|
||||||||
Cash
Flows From Investing Activities
|
||||||||
Purchases
of securities available for sale
|
(46,889 | ) | (57,644 | ) | ||||
Proceeds
from maturities and calls of securities available for sale
|
48,000 | 30,485 | ||||||
Proceeds
from sales of securities available for sale
|
11 | 5,355 | ||||||
Proceeds
from principal paydowns on securities available for sale
|
3,589 | 2,135 | ||||||
Proceeds
from principal paydowns on securities held to maturity
|
265 | 406 | ||||||
Proceeds
from maturities and calls of securities held to maturity
|
5 | - | ||||||
Proceeds
from sales of securities held to maturity
|
686 | - | ||||||
Net
decrease in loans
|
645 | 15,459 | ||||||
Redemption
of FHLB stock
|
220 | 284 | ||||||
Proceeds
from sales of foreclosed real estate
|
74 | - | ||||||
Purchase
of premises and equipment
|
(110 | ) | (191 | ) | ||||
Net
Cash Provided By(Used By) Investing Activities
|
6,496 | (3,711 | ) | |||||
Cash
Flows From Financing Activities
|
||||||||
Net
increase in deposits
|
8,252 | 14,506 | ||||||
Net
decrease in short-term borrowings
|
- | (3,850 | ) | |||||
Repayments
on long-term borrowings
|
(3,916 | ) | (3,883 | ) | ||||
Net
increase in advances from borrowers for taxes and
insurance
|
336 | 213 | ||||||
Net
increase (decrease) in official bank checks
|
378 | (89 | ) | |||||
Net
Cash Provided By Financing Activities
|
5,050 | 6,897 | ||||||
Net Increase
in Cash
|
||||||||
and Cash
Equivalents
|
9,388 | 3,106 | ||||||
Cash
and Cash Equivalents- Beginning
|
5,965 | 3,173 | ||||||
Cash
and Cash Equivalents- Ending
|
$ | 15,353 | $ | 6,279 |
|
||||||||
2010
|
2009
|
|||||||
Supplementary
Cash Flows Information
|
||||||||
Interest
paid
|
$ | 2,084 | $ | 2,587 | ||||
Income
taxes paid
|
$ | - | $ | 115 |
See
accompanying notes to consolidated financial statements
|
June
30, 2010
Securities
Available for Sale:
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
U.S.
Government agency securities
|
$ | 48,878 | $ | 5,003 | $ | 43,875 | $ | - | ||||||||
Mortgage-backed
securities - residential
|
21,913 | 1,541 | 20,372 | - | ||||||||||||
Total
Available for Sale Securities
|
$ | 70,791 | $ | 6,544 | $ | 64,247 | $ | - | ||||||||
(In Thousands)
|
||||||||||||||||
December
31, 2009
Securities
Available for Sale:
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Equity
securities
|
$ | 12 | $ | 12 | $ | - | $ | - | ||||||||
U.S.
Government agency securities
|
54,629 | 5,548 | 49,081 | - | ||||||||||||
Mortgage-backed
securities - residential
|
20,842 | - | 20,842 | - | ||||||||||||
Total
Available for Sale Securities
|
$ | 75,483 | $ | 5,560 | $ | 69,923 | $ | - |
June
30, 2010
|
December
31, 2009
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
(In Thousands) | ||||||||||||||||
Financial
assets:
|
||||||||||||||||
Cash and due from
banks
|
$ | 13,003 | $ | 13,003 | $ | 3,385 | $ | 3,385 | ||||||||
Interest bearing demand
deposits
|
2,350 | 2,350 | 2,580 | 2,580 | ||||||||||||
Securities available for
sale
|
70,791 | 70,791 | 75,483 | 75,483 | ||||||||||||
Securities held to
maturity
|
5,130 | 5,287 | 6,098 | 6,183 | ||||||||||||
FHLB stock
|
1,666 | 1,666 | 1,886 | 1,886 | ||||||||||||
Loans
held for sale
|
3,360 | 3,360 | - | - | ||||||||||||
Loans, net
|
115,705 | 119,899 | 116,372 | 118,883 | ||||||||||||
Accrued interest
receivable
|
963 | 963 | 1,156 | 1,156 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Deposits
|
164,762 | 163,772 | 156,510 | 155,606 | ||||||||||||
Borrowings
|
30,674 | 29,127 | 34,590 | 32,579 | ||||||||||||
Accrued interest
payable
|
113 | 113 | 129 | 129 | ||||||||||||
Off-balance
sheet instruments:
|
||||||||||||||||
Commitments to extend
credit
|
- | - | - | - |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
(In
Thousands)
|
||||||||||||||||
June
30, 2010:
|
||||||||||||||||
Available for
Sale:
|
||||||||||||||||
U.S.
Government agency securities
|
$ | 48,606 | $ | 287 | $ | (15 | ) | $ | 48,878 | |||||||
Mortgage-backed
securities - residential
|
21,391 | 536 | (14 | ) | 21,913 | |||||||||||
$ | 69,997 | $ | 823 | $ | (29 | ) | $ | 70,791 | ||||||||
Held to Maturity:
|
||||||||||||||||
Mortgage-backed securities
– residential
|
$ | 5,130 | $ | 157 | $ | - | $ | 5,287 | ||||||||
December
31, 2009:
|
||||||||||||||||
Available for
Sale:
|
||||||||||||||||
Equity
securities
|
$ | 9 | $ | 3 | $ | - | $ | 12 | ||||||||
U.S.
Government agency securities
|
54,842 | 100 | (313 | ) | 54,629 | |||||||||||
Mortgage-backed
securities – residential
|
20,369 | 473 | - | 20,842 | ||||||||||||
$ | 75,220 | $ | 576 | $ | (313 | ) | $ | 75,483 | ||||||||
Held to Maturity:
|
||||||||||||||||
Mortgage-backed
securities – residential
|
$ | 6,098 | $ | 86 | $ | (1 | ) | $ | 6,183 |
Available
for Sale
|
Held
to Maturity
|
|||||||||||||||
Amortized
Cost |
Estimated
Fair Value |
Amortized
Cost |
Estimated
|Fair Value |
|||||||||||||
(In
Thousands)
|
(In
Thousands)
|
|||||||||||||||
Due
in one year or less
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Due
after one year through five years
|
9,346 | 9,368 | - | - | ||||||||||||
Due
after five years through ten years
|
14,555 | 14,610 | - | - | ||||||||||||
Due
after ten years
|
24,705 | 24,900 | - | - | ||||||||||||
Mortgage-backed
securities –
residential
|
21,391 | 21,913 | 5,130 | 5,287 | ||||||||||||
$ | 69,997 | $ | 70,791 | $ | 5,130 | $ | 5,287 |
Less
than 12 Months
|
12
Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Gross
Unrealized Losses |
Fair
Value
|
Gross
Unrealized Losses |
Fair
Value
|
Gross
Unrealized Losses |
|||||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||||||
June
30, 2010:
|
||||||||||||||||||||||||
U.S. Government
agency
securities
|
$ | 2,639 | $ | 15 | $ | - | $ | - | $ | 2,639 | $ | 15 | ||||||||||||
Mortgaged-backed
securities –
residential
|
2,864 | 14 | - | - | 2,864 | 14 | ||||||||||||||||||
$ | 5,503 | $ | 29 | $ | - | $ | - | $ | 5,503 | $ | 29 | |||||||||||||
December
31, 2009:
|
||||||||||||||||||||||||
U.S. Government
agency
securities
|
$ | 27,241 | $ | 313 | $ | - | $ | - | $ | 27,241 | $ | 313 | ||||||||||||
Mortgaged-backed
securities
–
residential
|
442 | 1 | 18 | - | 460 | 1 | ||||||||||||||||||
$ | 27,683 | $ | 314 | $ | 18 | $ | - | $ | 27,701 | $ | 314 |
For
the Three Months Ended June 30,
|
For
the Six Months Ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
Unrealized
holding gain (loss) on available for sale securities
|
$ | 127 | $ | (780 | ) | $ | 531 | $ | (339 | ) | ||||||
Reclassification
adjustment for realized gain included in net
income
|
- | (92 | ) | (2 | ) | (92 | ) | |||||||||
Net Unrealized Gain (Loss)
|
127 | (688 | ) | 529 | (247 | ) | ||||||||||
Tax
effect
|
42 | (234 | ) | 179 | (84 | ) | ||||||||||
Net
of tax amount
|
$ | 85 | $ | (454 | ) | $ | 350 | $ | (163 | ) |
·
|
A
reporting entity to disclose separately the amounts of significant
transfers in and out of Level 1 and Level 2 fair value measurements and
describe the reasons for the transfers;
and
|
·
|
In
the reconciliation for fair value measurements using significant
unobservable inputs, a reporting entity should present separately
information about purchases, sales, issuances, and
settlements.
|
·
|
For
purposes of reporting fair value measurement for each class of assets and
liabilities, a reporting entity needs to use judgment in determining the
appropriate classes of assets and liabilities;
and
|
·
|
A
reporting entity should provide disclosures about the valuation techniques
and inputs used to measure fair value for both recurring and nonrecurring
fair value measurements.
|
For
the Three Months Ended June 30,
|
||||||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Cost
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Cost
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
|
$ | 115,822 | $ | 1,602 | 5.53 | % | $ | 124,501 | $ | 1,757 | 5.64 | % | ||||||||||||
Securities
|
56,240 | 392 | 2.79 | 35,215 | 301 | 3.42 | ||||||||||||||||||
Mortgage-backed
securities
|
25,217 | 199 | 3.16 | 28,800 | 299 | 4.15 | ||||||||||||||||||
Other
|
12,464 | 3 | 0.10 | 7,780 | 2 | 0.10 | ||||||||||||||||||
Total
interest-earning assets
|
209,743 | 2,196 | 4.19 | 196,296 | 2,359 | 4.81 | ||||||||||||||||||
Non-interest-earning
assets
|
8,982 | 4,459 | ||||||||||||||||||||||
Total
assets
|
$ | 218,725 | $ | 200,755 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
NOW
accounts
|
$ | 10,892 | $ | 19 | 0.70 | % | $ | 8,198 | $ | 14 | 0.68 | % | ||||||||||||
Passbook
savings
|
26,518 | 52 | 0.78 | 14,108 | 24 | 0.68 | ||||||||||||||||||
Money
market savings
|
25,493 | 66 | 1.04 | 20,337 | 85 | 1.67 | ||||||||||||||||||
Individual
retirement accounts
|
18,459 | 131 | 2.84 | 17,701 | 166 | 3.75 | ||||||||||||||||||
Certificates
of
deposit
|
78,082 | 385 | 1.97 | 75,525 | 574 | 3.04 | ||||||||||||||||||
Borrowings
|
30,874 | 326 | 4.22 | 37,938 | 406 | 4.28 | ||||||||||||||||||
Total
interest-bearing liabilities
|
190,318 | 979 | 2.06 | % | 173,807 | 1,269 | 2.92 | % | ||||||||||||||||
Non-interest-bearing
liabilities:
|
||||||||||||||||||||||||
Demand
deposits
|
4,272 | 3,552 | ||||||||||||||||||||||
Other
|
3,450 | 3,003 | ||||||||||||||||||||||
Total
liabilities
|
198,040 | 180,362 | ||||||||||||||||||||||
Stockholders’
equity
|
20,685 | 20,393 | ||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 218,725 | $ | 200,755 | ||||||||||||||||||||
Net
interest
income
|
$ | 1,217 | $ | 1,090 | ||||||||||||||||||||
Interest
rate spread
(1)
|
2.13 | % | 1.89 | % | ||||||||||||||||||||
Net
interest-earning assets (2)
|
$ | 19,425 | $ | 22,489 | ||||||||||||||||||||
Net
interest margin
(3)
|
2.32 | % | 2.22 | % | ||||||||||||||||||||
Average
interest-earning assets to average interest-bearing
liabilities
|
110 | % | 113 | % |
(1)
|
Interest
rate spread represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities.
|
(2)
|
Net
interest-earning assets represent total interest-earning assets less total
interest-bearing liabilities.
|
(3)
|
Net
interest margin represents net interest income divided by total
interest-earning assets.
|
For
the Six Months Ended June 30,
|
||||||||||||||||||||||||
2010
|
2009
|
|||||||||||||||||||||||
Average
Balance
|